Binding Rights and Obligations Sample Clauses

The 'Binding Rights and Obligations' clause establishes that the terms of the agreement are legally enforceable on all parties involved. In practice, this means that each party is required to fulfill their respective duties and can expect to receive the benefits outlined in the contract; for example, a seller must deliver goods as promised, and a buyer must pay as agreed. This clause ensures that the contract is not merely a statement of intent but creates enforceable commitments, thereby providing certainty and legal recourse if one party fails to perform.
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Binding Rights and Obligations. The rights and obligations created by this Agreement and all Schedules and supplements thereto shall inure to and bind the successors and assigns of the Parties; provided, however, no Party may assign its rights or obligations under this Agreement without the written consent of the Members Committee unless the assignee concurrently becomes the Load Serving Entity with regard to the end-users previously served by the assignor.
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Binding Rights and Obligations. The rights and obligations of the parties under this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns.
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Related to Binding Rights and Obligations

  • Rights and Obligations Except as expressly set forth in this Agreement, no Member, in its capacity as a Member, will have any right, power or authority to transact any business in the name of the Series, participate in the management of the Series or to act for or on behalf of or to bind the Series. A Member will have no rights other than those specifically provided herein or granted by law. Except as required by the Act, no Member, solely by reason of being a member, shall be liable for the debts, liabilities, obligations or expenses of the Series.

  • Rights and Obligations of Parties The rights and obligations of each of the parties in any of the property of either or both of them whenever and wherever acquired or located; [PL 1995, c. 694, Pt. B, §2 (NEW); PL 1995, c. 694, Pt. E, §2 (AFF).]